South Korea’s Hyundai Motor Group and SK On have finalized a site in Georgia for another EV battery factory. That may seem like mundane news, but it turns out that this investment alone is expected to be one of the largest economic development stories in the history of Georgia. So say the state of Georgia and Hyundai.
The battery factory could create 3,500 jobs in Barstow County. It will entail an investment of $4–5 billion.
If you’re not familiar with SK On, that’s because it’s only one year old. It is under the wing of SK Innovation, which has been one of the five or ten biggest producers of lithium-ion batteries for the past several years. The South Korean battery makers made Georgia their US home previously, and 2,000 Georgians are employed by SK On at the moment in the city of Commerce.
The aim at the moment is for the Barstow County manufacturing facility to go into operation in 2025.
“HMG [Hyundai Motor Group] and SK have been pioneering partners for Georgia for decades as one of the major drivers for Georgia’s automotive renaissance and as the first Korean manufacturer to locate in the state, respectively,” said Georgia Department of Economic Development Commissioner Pat Wilson. “By supporting cooperation and partnerships across our growing EV ecosystem, we’re creating a fully integrated supply chain for automotive OEMs while also connecting battery manufacturers with recyclers to close the loop on battery manufacturing. We’re excited for the jobs of the future this will create for Bartow County and northwest Georgia, and we’re grateful for the support of our community and utility partners!”
Hyundai and Georgia add: “In addition to the two companies’ EV battery partnership, Hyundai Motor Group separately announced in May its plans to invest $5.54 billion in Hyundai Motor Group Metaplant America, an EV manufacturing facility in Bryan County.” In October, construction workers broke ground on the massive factory.
Georgia is becoming a powerhouse of the EV industry in the United States. Just since 2020, EV projects or EV-related projects announced in Georgia have reached an investment commitment of ~$17 billion. While the SK On and Hyundai Motor Group expectation that they will produce 3,500 jobs is notable, overall, there are an estimated 22,800 new jobs in Georgia from EV-related investments. That’s a small town all by itself!
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